In the modern world, data is becoming a strategically important resource, forming a new model of economic development based on their active use. Countries around the world are steadily investing in the data economy and reaping tangible benefits through the implementation of advanced analytics solutions, artificial intelligence (Al) technologies, and new business models.
The example of China is illustrative, where data is officially recognized as a full-fledged factor of production along with labor, capital, land, knowledge and technology. This step accelerated their integration into the economy and gave impetus to the development of monetization mechanisms.
Kazakhstan, having a high level of digitalization and actively developing digital services, accumulates significant amounts of data. This creates the preconditions for the country's inclusion in the global data economy. However, today only a small portion of this data is used for exchange and creation of data products.
Effective use of data is hindered by a number of factors: the lack of clear legislative mechanisms for exchange and monetization, limited access to data, as well as unresolved issues of security, confidentiality and ethics of data usage.
As part of the Data for Common Purpose Initiative¹, the World Economic Forum emphasizes the need to create transparent and regulated platforms for the exchange and monetization of data, the so-called data exchanges. These platforms provide a balance between commercial value and protection of the rights of data subjects, allowing businesses and the government to maximize economic benefits.
International experience shows that data exchanges are becoming an important part of the new digital infrastructure. The United States, China, and Japan have already begun to form such platforms, which has given additional impetus to the development of the data economy. There are precedents for innovative forms of monetization: from using data as additional collateral to licensing them for training Al models. These processes contribute to the formation of the institutional framework necessary for the recognition of data as a full-fledged economic asset.
In order to unleash the economic potential of data in Kazakhstan, it is planned to create national data exchanges, regulated platforms that ensure the secure and controlled exchange of verified data and data products between market participants. The main functions of such exchanges include: formation of a mechanism for fair pricing and valuation of data; legal protection of ownership rights and control over data use; ensuring security and confidentiality standards; implementation of digital contracts and licensing; expansion of access to data for the development of Al and digital services.
This document provides an overview of international experience, possible operational models of the exchange, approaches to regulation and security. The development of the data market requires the participation of various stakeholders and the building of an open public dialogue, which became the basis for the preparation and publication of this material.